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High Speed Transfers Signs Contract For Third Damen Fcs 2710 Fast Crew Supplier

Damen and High Speed Transfers Ltd (HST) have signed a contract for a third FCS 2710 fast crew supply vessel, for delivery in September this year. The FCS 2710 is the replacement for Damen’s highly successful FCS 2610 and was first shown to the world in July 2018 with HST as the lead customer. Effectively a complete redesign bringing with it a range of new capabilities and features, the FCS 2710 is capable of carrying twice as many passengers – 26 – as its predecessor and is also able to ...

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Troubled Croatian shipbuilder draws interest from potential investors

Croatia’s largest shipbuilder Uljanik, which is trying to attract investors to stay afloat, extended a due diligence process until late next week after drawing the interest of potential strategic partners. Croatia’s Economy Minister Darko Horvat said four potential investors were looking at Uljanik’s business data and another company was also interested, but did not elaborate. “I expect at least two serious offers for Uljanik at the end of this process which would then prevent its bankruptcy,” Horvat told reporters. Local media reported that there were potential investors from Ukraine, Italy, ...

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Bangladesh: What plagues our ship-breaking industry?

The ship dismantling process in Bangladesh started in 1974 but was not recognized as an industry until 2006. The Labour Act 2006 recognized it as an “establishment” covered by the unified labour standards of Bangladesh. This industry has already dismantled about 55% of end-of-life vessels of the world. Though numbers give a sense of pride, the story behind the scene is different. Here, the industry is aided by the appropriate climate, a lengthy and plain inter-tidal zone, cheap labour, and less improvised environmental legislations. Environmental impacts from air, marine, and ...

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S. Korea’s shipbuilding sector shows signs of recovery

Anticipation is building up for a rebound in South Korea’s long-stalled shipbuilding industry, as the country’s largest shipbuilders logged major deals this week, according to industry players. Hyundai Heavy Industries, the world’s largest shipbuilder in terms of sales, said Friday that it has clinched a $130 million contract to build two oil carriers for a European client. The 158,000-ton, 274-meter-long vessels are set to be delivered as early as the second half of 2020, the company said. Hyundai Heavy and its two affiliates have a target of $15.9 billion worth ...

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Hanjin PHL may need 8 years to recover

The government is looking into having other foreign white knights to acquire Hanjin Heavy Industries and Construction Philippines (HHIC-Phil), with an initial eight-year rehabilitation plan on the table. An Olongapo City court granted HHIC-Phil’s petition to enter into corporate rehabilitation on Monday. Citing initial data, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa C. Guinigundo told reporters that Hanjin has been given an eight-year window to get back on its feet, starting with a three-year grace period in order to turn around its operations. “Based on the initial information that ...

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DSME, Hyundai Heavy win string of crude carrier orders

South Korea’s major shipbuilders have started the year on a buoyant note, winning new orders at a strong clip. Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Friday it has bagged a 210 billion won ($187.1 million) order from Oman Shipping Company (OSC) to build two very large crude carriers (VLCCs). The vessels would be constructed at DSME’s shipyard in Okpo and delivered by the end of 2020. In 2006, DSME entered into a 10-year agreement with the Oman government to build and operate shipyards in the country, during which ...

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Daewoo Shipbuilding bags order for 2 large oil tankers

Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Friday that it has clinched a deal to build two very large crude carriers (VLCCs). Under the deal with the Oman shipping firm OSC, Daewoo Shipbuilding will deliver the vessels by the end of 2020, the company said. The deal has an option to build one more ship, according to the shipyard. But it did not reveal the value of the deal. The ship is 336 meters long and 60 meters wide. Last year, the company won deals to ...

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Hyundai Heavy wins US$130 mln deal for 2 oil carriers

Hyundai Heavy Industries Co., the world’s largest shipbuilder by sales, said Friday that it has bagged a US$130 million deal to build two oil carriers. Under the deal with a European shipper, Hyundai Heavy will deliver the 158,000-ton, 274-meter-long and 48-meter-wide vessels from the second half of 2020 onward, the company said. Hyundai Heavy and its two affiliates are aiming to win $15.9 billion worth of shipbuilding deals this year, up 21 percent from a year earlier. Last year, they secured $14 billion worth of deals to build a total ...

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Deltamarin’s Further Involvement In Titanic II Project Confirmed

Blue Star Line has contracted Deltamarin to continue with the design of Titanic II. The contract covers activities and tasks for the design process, consultancy and project management services. Deltamarin will provide Blue Star Line with outline design services including finalising and modifying the existing design to comply with the latest rules and regulations. These include the SOLAS 2020 requirements and the Energy Efficiency Design Index (EEDI). Deltamarin will also further develop the design together with the selected yard and Blue Star Line, and handle the management of consultations with ...

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China to takeover Hanjin Philippines? It doesn’t make sense, says Carpio

Senior Associate Justice Antonio Carpio on Thursday warned about the security implications of a possible Chinese takeover of Hanjin Heavy Industries and Construction Corp. Philippines in Subic. Hanjin Philippines, a subsidiary of South Korean shipbuilder Hanjin Heavy Industries and Construction Co. Ltd., recently declared bankruptcy. “China claims our West Philippine Sea. If we allow the Chinese to operate the shipyard in Subic then they can monitor everything that we do,” Carpio said during a Foreign Correspondent Association of the Philippines (FOCAP) forum in Makati City. “I mean, why do we ...

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Is Yangzijiang Shipbuilding Holdings Ltd A Bargain Now?

Yangzijiang Shipbuilding Holdings Ltd (SGX: BS6) is one of the largest private shipbuilding companies in China. It builds a wide range of commercial vessels, including large containerships, bulk carriers and liquefied natural gas (LNG) carriers at its four shipyards in Jiangsu Province, China. Over the past year from 1 Jan to 31 Dec 2018, Yangzijiang’s total return, which includes reinvested dividends has underperformed the STI index (SGX: ^STI), with the former dropping 11.4% compared to the latter that lost 6.5%. Has the lackluster performance by Yangzijiang’s share price in 2018 ...

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GTT receives a new order from SHI to design the tanks of two LNG carriers on behalf of Gaslog

GTT announces it has received an order from the Korean shipyard Samsung Heavy Industries (SHI) for the tank design of two LNG carriers, on behalf of the ship-owner Gaslog. Each offering a capacity of 180,000 m3, the tanks will be fitted with the Mark III Flex+ containment system. The vessels’ delivery is expected for Q2 and Q3 of 2021 respectively. Philippe Berterottière, Chairman and CEO of GTT, declared: “We are pleased to receive this new order from two long term partners, SHI and Gaslog, which confirms the success encountered by ...

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Rosneft Orders for 26 Tankers With Zvezda Shipyard

In the second six-month period of 2018, Zvezda Shipbuilding Complex’s portfolio of orders grew by 42 percent, and currently Zvezda has contracts for construction of 37 vessels. Zvezda’s anchor customer is Rosneft, which placed an order for 26 vessels, including 12 Arc6 and Arc7 ice-class tankers, 4 ice-class multi-purpose support vessels, and 10 Aframax tankers. Gazprom ordered 3 support vessels, 1 vessel for transporting drilling crews, and 1 multi-purpose service vessel for offshore production unit. Rosmorport ordered 1 shallow-draft icebreaker. The contract also provides for an option to build three ...

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Croatia’s Uljanik gives potential investors more time for in-depth study

Croatia’s troubled shipbuilding group Uljanik said on Thursday that it has decided to extend until January 24 the period for in-depth analysis of the state of the company due to interest from potential investors. Interested investors can access Uljanik’s data room every workday from 8 AM to 6 PM (CET) as well as on Saturday, January 19 from 9 AM to 1 PM, the company said in a filing to the Zagreb Stock Exchange. The deadline for submitting offer for establishing strategic partnership with Uljanik remains unchanged – 8 PM ...

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Hanjin: Balancing security, economy

The possible takeover by Chinese investors of the troubled Hanjin shipbuilding/shipyard facility in Subic Bay is fraught with security implications that the administration must weigh together with political and economic considerations. Some Chinese shipbuilding firms, one of them state-owned, have shown interest in Hanjin Heavy Industries and Construction Corp. now weighed down by unpaid debts reported at $412 million owed to five local banks, aside from $900 million due South Korean creditors. Having filed for bankruptcy this month, Hanjin is ripe for picking, especially with the government not wanting to ...

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